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Estate Planning Basics

Plan for the Future!

Whether you realize it or not, everyone has an "estate." What is an estate? All of your assets, such as your house, car, additional real estate, checking accounts, savings accounts, investments, personal possessions and belongings make up your estate. In essence, an estate is the sum total of your belongings and financial assets. You might think that estate planning is only for the elderly or the wealthy. This is not true; estate planning is for everyone.

Without a will, who will inherit your money and personal belongings? Estate planning gives you peace of mind about the future of your assets and guarantees that your final wishes will be carried out. In short, estate planning gives you the opportunity to establish who you want have your belongings when you die and when you want them to acquire them. When you plan your estate, you may also appoint a specific person to oversee the distribution of your assets in the event of your death.

What happens if I don't plan my estate?

In the United States, every state has different inheritance laws. If you don't plan your estate, the government has one for your asses. Without your specific guidance, the U.S. government will distribute your estate to people that you might now want to have it and may exclude people and organizations that you want as beneficiaries. There are two situations that may require these state laws to come into effect:

  • Disability: If you become severely disabled and cannot make decisions regarding your estate and business, a court appointee is the only person allowed to sign legal documents for you. If you have not planned out estate and assigned a family member or loved one to oversee your estate, your assets will be in the hands of the court, not your relatives and loved ones. Even if you recover, the legal ramifications of situations like this can take a great deal of time to resolve.
  • Death: When you pass away, your estate will enter "probate." Probate refers the process of dividing your assets between your beneficiaries, as outlined in your will. If you do not have a will, your belongings will be left to your spouse. children, and relatives as described in the law. If you are single and have to children, you assets will be dispersed according to state law. Depending on your family situation, your belonging may not be left to the people, organizations or charities that you wish.

The Benefits of Estate Planning

Estate planning is beneficial for a variety of reasons. When you establish a will or living trust, you have peace of mind that your beneficiaries will receive the money, gifts, and other assets that you want them to have. Estate planning includes other benefits as well. If you have children, you can assign guardianship or an inheritance manager for them. You can purchase life insure to make sure that your family is financial secure in the event of your death. Additionally, you can provide special-needs family members with a stable financial future.

Estate planning also allows you to transfer your business when you retire, pass away, or become severely disabled. If you have loved ones that may need financial support in the future, you can guarantee that they will be taken care of by including them as beneficiaries of your estate. If you have questions about estate planning, we urge you to talk to an attorney from Price Law Group today. Our tem of legal professionals is ready and willing to give you peace of mind about your financial future and the future of your loved ones.

Wills, Trusts & Protecting Your Estate

When you work with an attorney from Price Law Group, you will receive personalized attention and the benefit of the legal understanding and skill that comes from 20 years in practice. The firm has extensive experience assisting clients of all income levels with wills, trusts, health care directives, living wills and living trusts. They take a comprehensive approach designed to protect your estate from unnecessary taxes, creditor claims and other potential threats and maintain its value so your loved ones can benefit as you intended. They can also assist you to protect yourself and your family in the face of an unexpected event.

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